Sunset financing: How much do you need to borrow?
As debt continues to climb, the cost of borrowing is rising.
But if you’re a senior who’s trying to save for retirement or are in the midst of an emergency fund, there’s more you need.
We asked senior debtors what their priorities were for the coming year, what they thought would happen in the debt market and what their most likely path to pay back their debt.
Don’t borrow to pay down debt.
If you’ve got no way of paying down the principal, you’ll need to find ways to pay it off before you retire.
That means investing in a home equity line of credit or a 401(k) plan that lets you defer paying your mortgage for five years.
But most people don’t have the cash to take on these sorts of debt.
You should consider other options if you can.
For example, if you have $1,000 in savings, you can apply for a credit card that gives you a 0.75% interest rate.
If it offers a 0% interest, you could apply for the 10% interest credit card offered by some companies, such as Target or Visa.
Pay off your principal.
Paying off your mortgage will help pay off your debt and make sure you don’t lose any of your savings.
But there’s another way to pay off debt that may also help you avoid paying off a bigger chunk of your debts.
Reduce your monthly payments.
A higher interest rate can reduce your monthly mortgage payments, but if you’ve maxed out your credit cards, your monthly payment could be even higher than your maxed-out monthly credit card balance.
If that’s the case, consider lowering your monthly debt payments by as much as 25% or so, according to a 2015 CreditCards.com study.
If your monthly debts are $200,000 or more, you’re looking at paying $1 million in interest a year.
You can reduce that by taking on a credit or auto loan or a car loan.
You don’t need to be debt-free to do this.
You just need to have the money to pay the interest.
If not, you may be better off going into debt for another car, credit card or mortgage.
Many people need help to pay their debt because they can’t afford the monthly payments they need.
They might need a loan or cash flow specialist, such to get them started on their payments.
And they might need some financial advice to get help with their debt payment.
There are other ways to make sure your debt doesn’t get out of hand.
If interest rates are too high, it could be hard to pay your bills or even make payments on them.
But you should consider borrowing more to pay for things, such a car or home, that you might not have otherwise.
You may also need to get a second mortgage.
If one is available, it might be worth considering it.
Another option is to get an auto loan to help pay for your car.
You could also take out a line of Credit Card Debt Management (CCDM) loan that allows you to take out your loan and pay it back at a higher rate each year.
Another debt management option is a credit monitoring company.
You’ll want to talk with your creditor about how to manage your credit.
Get an annuity or a lump sum.
If there’s a cash-flow problem, you might be better-off getting an annuities payment.
A cash-out payment that lets the lender borrow money for you could also be an option if you don and want to avoid having to pay all the interest and principal back.
Reduce the amount you borrow.
If a higher interest rates means you’re borrowing more, try reducing your borrowing.
You might be able to borrow as little as $50,000, according the CreditCars.com Study.
But it might also be a good idea to limit the amount of money you’re taking out each month.
If the interest rate is higher than $1.00 per $100 you borrow, you should be able take out about $150 a month.
That’s about the same amount as you’d have to borrow for your mortgage.
Another way to reduce your borrowing is to set aside some of your income for a loan that pays interest for longer than five years or $100,000.
That way, the loan will pay interest at a lower rate than if you paid the loan outright.
For instance, if the rate is 3% a year, you would be able pay the loan for 5 years at $150 per $1 billion.
This will reduce the amount the lender has to pay each year from $3.50 to $1 per $10,000 you borrow and the interest you’re paying will drop from 3.50% to 2%.
Another option might be to take a lump-sum payment of $10.00 or $20,000 a year or even a